Regulations Roundup: February 2019

February 2, 2019

With 2019 well underway, crypto regulations are still in the limelight as law-makers toil with how to keep the sector under control. January was a busy month packed with draft regulation reports and blockchain events, but what’s in store for the month ahead? Let’s find out with the Contentworks Regulations Roundup: February 2019.

India Considers the Future of Cryptos

There has been a crypto ban in India since April 6, 2018. Crypto exchanges from the country are forbidden to have bank accounts and those holding cryptos are also losing their accounts. No official company under the regulation of the Reserve Bank of India can provide services to crypto companies. It’s serious stuff, but people aren’t taking the restrictions lightly and are currently petitioning against the bank. The Supreme Court of India is currently looking into the situation and a decision is expected in February. One of the key arguments for removing the ban is that digital currencies can enhance the advancement of blockchain technology within India.

Top Takeaway: Crypto regulations are being set at a rapid rate. But if they’re overturned this is also big news for the sector.

MPs Urge Russian Parliament to Discuss Draft Crypto Bill

Russia is seemingly on the brink of a digital breakthrough. However, MPs are urging the Russian Parliament to look at a draft crypto bill that is believed to have been pending for over a year. This is because delays with legal framework around this sector is preventing start-ups from firing up on the right foot without facing potential roadblocks along the way.

Chairman of the Russian Duma, Vyacheslav Volodin, recently announced that crypto bills will be a priority during the upcoming parliamentary session. Bills addressing the digital economy include topics such as digital financial assets, digital rights and crowdfunding.

Reviews for crypto legislation are scheduled for the end of February.

Top Takeaway: Law-makers have been urged by the Duma Chairman to create a favourable legal environment for the development of a digital economy in Russia. The outcome of decision-makers will be interesting to follow.

Iran to Seek Expert Crypto Advice Before Regulation Crackdown

Crypto regulation and the problems surrounding the sector are very much a global issue with countries facing their own dilemmas and battles. In Iran, the Central Bank will consider input from crypto experts before making a final decision on crypto regulations. A report by Al Jazeera suggests Iran could clamp down on the sector and ban certain aspects of cryptocurrency. This will have a significant impact on businesses who would be required to halt international operations. That said; the country “will have experts and technicians make suggestions in this regard.”

It’s also thought Iran is on the brink of revealing its own State-backed cryptocurrency. The idea is to help reduce the impact of US sanctions. Citizens of the country have been banned from networks such as SWIFT. Making and receiving international payments for foreign trade activities has been clearly affected with crypto being one way to continue cross-border transactions.

Top Takeaway: As of the time of writing, there has been no official announcement from the Iranian government regarding a cryptocurrency, but this could rapidly change. Stay alert for more news!

February Blockchain and Crypto Events

7th February – BlockMumbai – India

8th-10th February – TABConf 2019 – Atlanta USA

8th-14th February – Blockchain Week – London

12th-14th February – Finovate Europe – London

16th February – Trader’s Fair – Thailand

Don’t Miss: Nakamoto’s Den – 19th-20th February, Limassol Cyprus

As a Limassol-based company, the Contentworks crew is particularly excited about Nakamoto’s Den which is set to shake-up the blockchain sector in Cyprus. As one of the biggest events of the year, digital start-ups and post ICOs will go head-to-head in a bid to secure ongoing funding from top investors. It’s set to be a real-time showstopper not to miss. Find out more here.

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